Gas to Liquids Project

Coogee Resources is currently evaluating the viability of a gas to liquids (GTL) projects in order to develop the Company's discovered gas accumulations. Contingent gas resources have been independently certified as 830 billion cubic feet of gas and 8.3 million barrels of condensates, contained within the Cash/Maple, Padthaway and Tahbilk fields.

The Company is evaluating both Methanol and LNG floating production concepts, with a view to selecting a preferred approach by mid 2009. Coogee Resources would look to participate in both the upstream gas development and the downstream production of liquids.

Production is anticipated to commence around 2013 with the potential to generate long term cash flows, both from the production of the Company's existing contingent gas resources and associated oil and liquids contingent resources, and from the application of the technology to other third party gas assets.

Gas to Liquids Methanol Project

Coogee Resources currently has a Joint Venture Agreement with Coogee Chemicals to develop a Methanol FPSO, using Johnson Matthey compact methanol technology. Compact methanol technology is considered the simplest and most compact of the gas to liquids technologies and therefore the most suitable for use in an offshore environment.

Coogee Chemicals and Mogal Marine Pty Ltd acquired BHPP's interest in its methanol assets and intellectual property in 2000. This included a methanol plant in Laverton, Victoria which was commissioned in 1994. Coogee Chemicals is continuing to develop the technology with Johnson Matthey.

The Joint Venture partners are currently in discussions with independent engineers Kellogg, Brown and Root and Johnson Matthey to appoint them to conduct a Pre-FEED study starting 2008 to assess the viability of using compact methanol technology on an FPSO. This study is expected to be complete by mid 2009, at which point a decision will be made whether to progress the project.

Gas to Liquids LNG Project

Coogee Resources is also in the initial stages of evaluating a Floating LNG development concept, utilising nitrogen expander cycle technology on a purpose-built FPSO. The vessel would be capable of producing approximately 1 million tonnes of LNG per annum.